Congress passed the largest overhaul of the tax system in decades yesterday, handing President Trump his first major legislative victory and clearing the way for strong economic growth likely to provide potentially long-term electoral benefits for Republicans.
This historic development is already causing apoplexy and aneurysms on the Left where allowing people to keep their own hard-earned money is heresy. Anything that tends to roll back government power is a threat to left-wingers who are happiest when bossing other people around. Nothing is more frightening to leftists than economic freedom.
The tax legislation reduces corporate and personal income tax rates, increases the child tax credit, caps state and local tax deductions, doubles the estate tax exemption, repeals Obamacare’s hated individual mandate, and opens part of the Arctic National Wildlife Refuge (ANWR) to energy exploration, according to media reports. Getting the bill through Congress also burnishes – at least temporarily – the conservative credentials of Senate Majority Leader Mitch McConnell (R-Ky.) and Speaker of the House Paul Ryan (R-Wisc.) who have both repeatedly come under assault by conservatives in their own party.